M Wholesale Compary began the year with merchandise inventory of \$12,000. During the year, M purchased $92,000 of goods, had purchase discounts of $100, and feturned $6,000 due to damage. M also paid freight charges of $1,600 on inventony purchases, Al yeat-end, Mis ending merchandise inventory balance stood at $16,900. Assume that M uses the periodic inventofy syster Compuse Ms cost of goods sold for the year